ROWAN UNIVERSITY POLICY

Title: Bank Account
Subject: Accounting Services
Policy No: Fin: 2015:07                                                                    
Applies: University-Wide        
Issuing Authority:  President
Responsible Officer: Senior Vice President for Finance and CFO
Adopted: 10/3/2016
Last Revision: 08/13/2024
Last Reviewed: 08/13/2024

I.    PURPOSE

To establish a policy that governs all bank accounts maintained for operational purposes including institutional accounts, departmental accounts, and all other operating bank accounts. 

II.   ACCOUNTABILITY

Under the direction of the President, the Senior Vice President for Finance and CFO shall implement this policy and the Associate Vice President for Finance and Controller shall ensure compliance with the policy. 

III.  APPLICABILITY 

It is the responsibility of every faculty, staff member, student organization that is involved in any financial activity on behalf of the University to be fiscally responsible and to exercise appropriate financial controls. Finance staff are responsible for adhering to this policy and the Accounting Services Department to ensure adherence.

IV.  DEFINITIONS

There are no definitions for this policy

V.  POLICY

1. Rowan University maintains multiple bank accounts for various business purposes. These accounts are established in Rowan University's name and Federal EIN. These accounts are registered under Rowan's name and Corporate ID number at these banks, and include only signers that are listed in our current Corporate Banking Resolution approved by the Board of Directors of the University. Because of various tax and regulatory ramifications, the use of Rowan University, R.U., or Rowan in the name of the account, or the use of Rowan University's Corporate ID number for any other bank accounts is prohibited. The Senior Vice President for Finance and CFO shall approve establishing, modifying or closing of Rowan University bank accounts.
2. To ensure the University’s cash records are complete, accurate, authorized and properly monitored, Accounting Services has established the following internal controls for maintaining and reconciling the account(s):
1. General ledger account balances can be substantiated by supporting detail records;
2. Accuracy and completeness of individual transactions that have been posted to the general ledger;
3. The information transmitted to, contained in, and reported from the University's financial systems is accurate, complete and recorded in a timely manner;
4. The information can be relied upon for making financial and administrative decisions;
5. Efficient and effective audit process;

All bank accounts are maintained and reconciled under the supervision of the Assistant Vice President for Finance and Controller.

VI.  RESPONSIBILITIES

1. All those that set up or modify bank accounts.